6. Conclusions
6.3. Limitations of the Study
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staff.
To increase operational efficiency from the other factor, the X Company could adopt new AI technology to help employees deal with business routines, which might help
underwriters and other workers save time to handle business. Therefore, underwriters could have more time to deal with strategic activities to increase productivity.
To sum up, the findings and those suggestions from this study can be applied to the property insurance companies in Taiwan. They may be applicable to the life insurance industry as well, but there are some limitations when adopting these recommendations because there are differences between running a non-life insurance company and a life insurance company.
6.3. Limitations of the Study
Although we proposed some suggestions for a non-life insurance company to increase the efficiency of its casualty insurance department, the suggestions do have some limitations. First, they may not be applicable all types of property insurance companies in Taiwan. The small samples might limit the result’s applicability. It is particularly challenging to understand why respondents’ current working companies adopt particular strategies to maintain or improve their competitive advantages. Next, this paper mainly explores how to increase operational efficiency for underwriting procedures; it did not cover what a property insurance company can do to shorten steps of settling claims or other issues. Besides, it is hard to collect information regarding the difference in operational efficiency between a non-life insurance company introducing a new core system and another one uses a legacy core system. Moreover, this study focuses on some dimensions to improve the efficiency of the casualty insurance department. It might have had ignored other possible strategies to enhance or improve the casualty insurance
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department’s performance.
6.4. Suggestions for Future Research
Some InsurTechs and FinTechs are still very much in the development stage, and much has yet to be done. Much more also needs to be known about core systems and their possible future applications with AI technology in the insurance sector. Future studies should provide a descriptive basis for additional research. There is a continuing need for an adequate theoretical basis for the practical application of using AI or robots in the insurance industry.
Whether suggestions in this paper will be applicable to improve the operational efficiency in the life insurance sector remains unknown. Further research is warranted. Moreover, the study for non-life insurance companies improving claims handling efficiency and the research on the difference of operational efficiency between insurance companies use new core systems and legacy core systems are good future research topics.
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Appendix
Interview questions are shown as follows:
1. The first research questions from the aspect of artificial intelligence or robot addressed in this study were as follows:
Does your company have introduced or will plan to introduce artificial intelligence or robot to assist in dealing with insurance underwriting?
If your company introduces artificial intelligence or robot to assist in daily business routines, in what areas do you think you can get assistance, or can you effectively improve operational efficiency?
Have you heard about robotic process automation (RPA)? Based on your experience, to what extent does the robotic process automation help to shorten the procedures of underwriting? Also, how do you feel that insurance companies use artificial intelligence or robots to replace current insurance underwriters to provide quotations to customers?
Based on your opinion, are there any limitations when using artificial intelligence, robotic process automation, or any related insurance technology to deal with
underwriting? Also, is there anything that needs to be careful when using those new technologies mentioned above? Moreover, what are the costs of purchasing hardware and software, operation, maintenance, and maintenance personnel of the AI, RPA, or related insurance technology in your company?
2. The second research questions from the aspect of systems addressed in this study were as follows:
Based on your experience, what operating system (not limited to systems regarding
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underwriting, quotation, or policy issuance) currently used by your company should be improved to increase the system’s efficiency?
Considering the process of insurance underwriting, what operating system do you think can be used or introduced to enhance operating efficiency?
3. The third research questions from the aspect of internal business processes and the delegation of authority policy addressed in this study were as follows:
What are your company’s current underwriting procedures and structure of delegation of authority policy?
How do you feel about your company’s internal business process and delegation of authority policy? Do you have any suggestions for adjusting the internal business process or delegation of authority policy? If yes, why do you have this recommendation(s)?
Given that the previous research questions, what method can be used to measure the success of the recommendations adopted to increase operational efficiency?
To what extent do you think property insurance companies can delegate quotations to an insurance sales representative if ignoring the Insurance Act or any related regulations in Taiwan?
4. The fourth research questions from the aspect of employee training addressed in this study were as follows:
What kind of employee training does your company currently provide to insurance sales representatives and underwriters?
What kind of employee training do you think your company might need to meet your requirements to deal with daily business routines?
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What kind of teaching method of employee training do you think might be more useful
for your company’s insurance sales representatives and underwriters?
5. The fifth research questions from the aspect of distribution channels and marketing strategies addressed in this study were as follows:
Anything do you think that can be improved on your company’s marketing channels or your company’s marketing strategies to increase operational efficiency?
Which department or position in your company is responsible for preparing insurance products documents for submission for review?
Does your company promote insurance products via specific insurance plans, insurance brokers, insurance agents, direct mail, or combined insurance plans? Besides the
promotion and marketing channels mentioned above, does your company cooperate with any other marketing channels to promote business?
6. The final research question in this study was as follows:
In addition to the above five aspects, do you have any other suggestions to shorten the procedures for dealing with underwriting or to improve operational efficiency in a casualty insurance department of a non-life insurance company?